It is not compulsory for an individual to keep financial records and books but this is typical for a business and not doing this may pose financial problems in the future. It can be an expensive thing to neglect from a tax and financial perspective. Your credit card statements or bank account details may be incorrect and you may not notice. You may forget to pay a bill and damage your credit score. You may be naive about investing or saving your hard-earned income.
Why Get A Personal Bookkeeper?
Documenting your income and expenses is not that hard to do. Even if you don’t have an accounting background, or you’re not good with numbers it would still be possible. However, it does take a lot of time and effort and not all individuals have much time on their hands. Some are too busy to look at their financial accounts and some just don’t want to deal with it. If this is you, then you can hire a personal bookkeeper to do it. You can also combine the two options, do it yourself and have a personal bookkeeping expert assist you when you need it. This process can help you save precious time allowing you to concentrate on work and other responsibilities.
What Do Personal Bookkeeping Services Cover?
Personal bookkeepers may offer concierge services for your individual finances. This includes paying your bills, checking your credit card statements and balancing your checkbook. Your bookkeeper will track your finances (e.g. weekly, monthly) to add data and carry out the assignments you want done. This type of service can be done personally in your own home or in the bookkeeper’s’ office.
Here is a list of services that personal bookkeepers cover:
- Ensuring that your money is received, receipted and deposited
- Handling financial undertakings such as medical expenses, household repairs and maintenance
- Reviewing and organizing personal, legal and financial documents to assess what needs to be looked into
- Planning inventories of investments and personal assets
- Preparing retirement accounts to reduce taxes on retirement distributions.
Some personal bookkeeping services are also readily available online. Whichever way, you will need to give your bookkeeper access to your credit card statements and bank accounts. With these hard-hitting facts, make sure that you check their references as carefully as you can before you engage anyone.
Who To Go To
Choosing a reliable personal bookkeeper can be as challenging as the responsibilities of keeping up to your finances. Keep in mind to avoid false advertisements offering “too good to be true” promises. Do not give in to such schemes and consider the damage it may cause to your own personal assets.
With us here at Teva Bookkeeping Solutions, we guarantee professionalism in our work and we do so without compromising your budget. We also provide timely responses to your needs and requirements making sure that we perform beyond your expectations. Our bookkeeping services have been given positive feedback and testimonials from our clients, due to our dedication to providing them neat and understandable financial reports, which in turn results in stable financial health.